Crypto Market Sentiment Unchanged; XRP Wins the Day, Loses the Week

  • 08 March 2021, Monday, 10:00
Crypto Market Sentiment Unchanged; XRP Wins the Day, Loses the Week
Source: iStock/Easyturn

While the crypto prices have remained on similar levels over the past week, the market sentiment remained largely unchanged. After it had dropped out of the positive zone last week, the average 7-day moving crypto market sentiment score (sentscore) for ten major coins moved from 5.77 recorded a week ago to 5.72 today, according to crypto market sentiment analysis site Omenics.

Only four out of the ten coins' sentscores increased in the past seven days, and by minor percentages. The highest among these is chainlink (LINK)'s 1.4%, followed by last week's winner tether (USDT)'s 1.2%. Bitcoin (BTC) and polkadot (DOT) are also green, with the former going up 0.7%, and the latter barely changing with 0.1%.

On the other hand, the drop percentages are noticeably higher. The highest among these is XRP's fall in sentscore of nearly 11%. Binance coin (BNB) sits in the relatively distant second place with a drop of 6.5%. While uniswap (UNI)'s and cardano (ADA)'s respective scores decreased between 4.1% and 4.9%, litecoin (LTC)'s is down less than 3% and ethereum (ETH)'s less than 1%.

Meanwhile, four coins remain in the positive zone, as last week, with one change: ADA is out, and UNI is in, alongside BTC, ETH, and DOT. But this time around, two coins are below the score of 5, with XRP joining USDT in the 4.6%-4.8% zone.

Sentiment change among the top 10 coins*: Interpreting the sentscore’s scale: - 0 to 2.5: very negative - 2 to 3.9: somewhat negative zone - 4 to 5.9: neutral zone - 6 to 7.49: somewhat positive zone - 7.5 to 10: very positive zone.

Interestingly, the 24-hour sentscore for the 10 major coins is the same at the moment as the 7-day one: 5.72. But in its case, the sentscore in the last day is higher than its counterpart last Monday which at the time stood at 5.38. The situation is overall greener that the week one, with only USDT and UNI being red, with drops of 1% and 0.3%, respectively. Opposite to the weekly situation, it's the increases that are significantly larger here, ranging from LINK's 1%, over BTC's 5.3% to ETH's 10.5% - and the highest of all, XRP's 12.4%.

Daily Bitcoin sentscore change in the past month:

As for the 26 coins outside the top 10 list, which are also rated by Omenics, we see that only nine of these had an increase in their sentscores since last Monday. Compound (COMP)'s 8.2% is the highest increase, and NEM (XEM)'s 0.2% is the lowest. This means that the majority of the scores on this list went down, ranging between 0.5% (ontology (ONT)) and 9% (EOS). Meanwhile, compared to last week's four, five coins are now in the positive zone, these being NANO, cosmos (ATOM), COMP, algorand (ALGO), and crypto.com (CRO). There are no coins in the negative zone, but there are two with sentscores just below 5 this time.

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* - Methodology:

Omenics measures the market sentiment by calculating the sentscore, which aggregates the sentiment from news, social media, technical analysis, viral trends, and coin fundamentals-based upon their proprietary algorithms. As their website explains, "Omenics aggregates trending news articles and viral social media posts into an all-in-one data platform, where you can also analyze content sentiment," later adding, "Omenics combines the 2 sentiment indicators from news and social media with 3 additional verticals for technical analysis, coin fundamentals, and buzz, resulting in the sentscore which reports a general outlook for each coin." For now, they are rating 36 cryptocurrencies.

Source: cryptonews.com